TNK-BP stake purchase would put Rosneft out of competition's reach - company
MOSCOW. July 25. (Interfax) - Rosneft would rise out of the reach of competitors if it buys British BP's stake in TNK-BP , a representative of the Russian state-owned oil company told Interfax.
"In terms of reserves, Rosneft is already the largest public company in the world. With a 50% stake in TNK-BP, the company would become totally unattainable for the competition," he said.
By joining forces, Rosneft and TNK-BP would be able to jointly develop gas processing capacities in the Orenburg and Samara regions. Collaboration in the development of Rosneft's Yurubcheno-Tokhomskoye Zone and TNK-BP's and Gazprom Neft's Kuyumbinskoye field in Evenkia would reduce costs and the timeframes for their development, the Rosneft representative said.
The Vankor project's potential would help optimize logistical support, personnel supplies, the use of qualified contractors and associated gas utilization for the nearby Suzunskoye and Tagulskoye fields that belong to TNK-BP. The use of the Verkhnechonskoye field's logistics (the field is 74% TNK-BP-owned and 26% Rosneft-owned) would reduce expenditures on development and accelerate the launch of Rosneft's recently discovered deposits in the Irkutsk region, he said.
In addition, the purchase of BP's stake in the joint venture would help Rosneft optimize fuel deliveries to the Russian market via swap operations. "TNK-BP's retail assets are widely represented in Moscow and the Moscow region which, given the modernization of the Ryazan Oil Refinery and the construction of a Rosneft refinery in the Moscow region, could create a unique supply system for the area," the representative said.
BP and the Russian Alfa-Access-Renova (AAR) consortium have equal ownership in TNK-BP.
On July 18, BP informed AAR that it is initiating talks on selling its stake in the joint venture. In turn, AAR informed BP of its desire to enter into negotiations on buying 25% of TNK-BP from the British company. Meanwhile, Rosneft said on July 24 that it is interested in discussing a purchase of BP's stake in the company.
